SBF returns to US to face series of criminal charges • InNewCL
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Nine days after his arrest in the Bahamas on a series of criminal charges filed by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), former FTX CEO Sam Bankman-Fried returns to the United States to join them put .
Bankman-Fried was being held at the Bahamas Department of Correctional Services’ Fox Hill prison after being denied bail and was scheduled to remain there until his next hearing on February 8, 2023. But he could arrive in New York as early as Wednesday afternoon, according to numerous reports, and be charged in Federal District Court in Manhattan.
The indictment came after Bankman-Fried’s crypto exchange, once one of the world’s largest, collapsed last month as a liquidity crisis spread and the company withheld withdrawals. The allegations include wire fraud, securities fraud and money laundering.
Bankman-Fried on Tuesday signed documents surrendering to the US, according to Bahamas acting commissioner of corrections Doan Cleare. He is expected to sign a separate set of documents in Nassau District Court on Wednesday, completing his waiver of the right to fight extradition to the US.
According to Bloomberg News, Bankman-Fried will be flown back to the United States on a private plane with FBI agents. Plans call for him to appear in court from prison on Wednesday morning.
His arrival in the US could hasten prosecutors and lawmakers alike to delve deeper into FTX’s collapse and uncover what really happened to the once $32 billion company.
When asked last week whether the companies will file charges against others allegedly involved in the collapse of FTX, Damian Williams, the US Attorney for the Southern District of New York, said during the event, “I can only do this saying, “Clearly, we’re not done.” No new charges have been announced since then.
On December 13th, the US House of Representatives Financial Services Committee held a hearing on the FTX collapse with one witness: new FTX CEO John J. Ray III. During the four-hour hearing, Ray answered a number of questions from government officials and shared some new information about the situation, which you can read about here.
